The transaction was valued at $15 million and approved by shareholders of both companies, as well as of the Civil Aeronautics Board (CAB).

Records from the Securities and Exchange Commission (SEC) show that Southeast Asian Airlines Inc, which is the legal entity that carries the brand Tigerair, posted revenues of P2.88 billion last year, up 81.13 percent from P1.59 billion in the previous year. It however incurred a loss of P1.69 billion in 2013, higher by 5 percent from the P1.61 billion in 2012.

Sought for comment, CEB spokesperson Jorenz Tanada said, "All I can confirm is that Mr. Michael Shau is taking over as president of Tigerair Philippines."

Shau is vice president for ground operations at Cebu Pacific.

Tanada however refused to provide more details, saying there's "no other update at this time" regarding on the termination of Tigerair employees.

Beginning mid-March, the Philippine flights of Tigerair were made available on the Cebu Pacific website and through its other booking channels.

At end-2013, Cebu Pacific had 3,297 permanent employees, of which, 2,565 were from operations, 429 from the commercial departments, and 303 from the support departments.